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Sipchem wins $360m finance.

Byline: Riyadh

Saudi International Petrochemicals Company (Sipchem) said it secured 1.35 billion riyal ($360 million) in financing from the state-owned Public Investment Fund for an acetyl complex.

Sipchem has already obtained a loan of 1.12bn riyals from the government-owned Industrial Development Fund and a commercial financing of 1.43 billion riyals for the complex, it said.

The plant is 95 per cent complete and will start production by mid-this year, it added.

Sipchem raised 2 billion riyals in February last year by selling stocks to its shareholders to help finance the acetyl project and other future expansion plans, according to a report in our sister newspaper Gulf Daily News.

Sipchem started developing the complex in 2005.

The project targets annual production capacities of 340,000 tonnes of carbon monoxide, 400,000 tonnes of acetic acid and 330,000 tonnes of vinyl acetate.

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Publication:TradeArabia (Manama, Bahrain)
Date:Feb 15, 2009
Words:165
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